In 2010, Toyota recalled millions of automobiles to fix a potentially hazardous problem known as “sudden acceleration.” Writing in the Wall Street Journal, James Stewart gave investors the following advice: “Toyota shares were over $90 as recently as Jan. 19. They closed Tuesday at $78.18, which strikes me as a modest decline under the circumstances.

If I owned shares, I’d seize the chance to get out.” Would a believer in the efficient markets theory be likely to follow Stewart’s advice?